Preheat the air fryer to 400°F (200°C) for 5 minutes.
In a shallow bowl, combine the all-purpose flour, garlic powder, onion powder, paprika, salt, and black pepper.
In a second shallow bowl, whisk together the eggs and water until fully combined.
Place the panko breadcrumbs in a third shallow bowl.
Pat the chicken thighs dry with paper towels.
Dredge each chicken thigh first in the seasoned flour, shaking off any excess.
Dip the floured chicken thigh into the egg mixture, coating completely.
Press the chicken thigh into the panko breadcrumbs, ensuring an even coating on all sides. Set aside on a plate.
Lightly spray both sides of the breaded chicken thighs with cooking spray to help achieve a crispy crust.
Place the chicken thighs in a single layer in the air fryer basket, skin side down. Do not overcrowd; cook in batches if necessary.
Air fry at 400°F (200°C) for 10 minutes.
Carefully flip the chicken thighs and continue cooking for an additional 10 minutes, or until the internal temperature reaches 165°F (74°C) and the coating is golden brown and crispy.
Remove the chicken thighs from the air fryer and let rest for 5 minutes before serving.